Financial and Economic Tools of Project Management in Public Sector

Abstract

The article examines the introduction of project management as a result of the implementation of administrative reforms in modern states based on the management paradigm of New Public Management and New Public Governance. Based on both experts’ opinions and a number of cases from different counties, it is shown that the development of such elements of new public management as focus on achieving results, monitoring of quantitative and qualitative performance indicators, budget savings, creative organizational culture, became possible thanks to a set of economic and strategic tools that characterize project management, especially PMBoK. The expediency of a large-scale transition to professional management of public projects through the use of the generally recognized PMBoK standard, as well as the “living” Agile project methodology, is substantiated.